Per reporter: Ren Fei Per editor: Ye Feng
The lack of incremental capital assistance, the situation of A-share theme rotation superposition and contraction of trading is difficult to see a turnaround, and the main line of investment is lacking. However, it should be pointed out that there are not a few stocks (non-sub-new stocks) whose stock prices have reached a record high during the year, and more have hit new highs during the year. Wind statistics show that since entering April, 29 stocks have hit a record high, and 353 stocks have set a new high for stock prices this year, creating a medium-term layout opportunity. Some funds have stepped on the time to get on the train, such as The new high of China Steel International mentioned in the first quarter report of 2021 that China Shipping's high-quality growth season has entered the top ten circulating shareholders, holding 7.77 million shares, and at the same time, the venture capital fund has also reduced its holdings; the high-energy environment yesterday hit a new high since the fourth quarter of last year, and this year's first quarterly report shows that ruiyuan growth value has increased. At present, it seems that most of the stocks with record high stock prices belong to pro-cyclical industries, and the latest financial report data is outstanding.
Crazy more than one new stock
In April, A shares entered the intensive disclosure period of annual reports and quarterly report forecasts, and the stock prices of some companies were boosted by the trend, and unlike the recent sub-new stocks that are widely sought after by funds, there are also bull stocks in non-sub-new stocks, which is a rare opportunity in the weak market nuggets.
Wind statistics show that since April, 29 non-sub-new stocks in A-shares (the date of initial listing as of April 8, 2020) have hit a record high (based on the closing price on April 8, after the restoration), and 353 stocks have hit a new high this year.
Description: A record high since April, part of the source: Wind
Description: A new high of stocks in the year since April, part of the source: Wind
Among them, Zhuoshengwei, Medici and Jingfeng Mingyuan and other stocks have increased significantly since the beginning of this year, Zhuoshengwei rushed up 719.90 yuan / share yesterday, and this morning once again refreshed the record, the highest probe to 722.88 yuan / share; Medici, Jingfeng Mingyuan also set a record high of 336.01 yuan / share and 253.53 yuan / share yesterday.
Although the expectation of reducing equity investment was widely mentioned by the investment community at the beginning of the year, from the perspective of the development of the first quarter, the relevant record high stocks have become a scarce opportunity for medium-term layout. Some private fund managers mentioned in an interview with reporters that they will worry about the weak anti-risk ability of high-priced stocks when they encounter systemic risks, saying that "large drawdowns do not dare to touch."
In this regard, the reporter did find that some stocks with excessive increases in stages have fallen back in stock prices, such as Zhongcheng shares after 4 consecutive stops, the stock price has retraced significantly, according to the price level of 8.23 yuan in the morning of April 9, the retracement is more than 27%. In addition, the stock prices of enterprises (sub-new shares) such as Deepwater Haina, Yongmaotai and Huaxiang Shares have also hit a record or stage high since April, but then there has been a large drawdown, with an amplitude of more than 20%.
The aforementioned private equity person said that the reason for the rise and fall of individual stock prices also comes from the promotion of the theme rotation, "compared to doing swing holdings, public offerings may not be effective if they are held for a long time." In his view, analogous to the current speculation of carbon neutral and sub-new stocks, the market is full of short-term trading sentiments, but it is the embodiment of risk aggregation, superimposed some stocks are not supported by financial report data, and they dare not recommend it.
However, it should be pointed out that the above 29 stocks are non-sub-new stock category, and in the recent succession of new highs in stock prices, for the rising logic of this type of stock, the above-mentioned private equity people said that or in the institution is still mining the opportunities of second-tier or even third-tier leaders, such as Puluo Pharmaceutical, Sankeshu, ST Shede, etc., but he also stressed, "If the valuation of the previous first-tier leaders is digested, the market may continue to hold the group, and in the case of limited incremental funds, the second-tier leaders with large increases may take profits." ”
Some funds have seized the opportunity to "get on the bus"
From the perspective of the individual stock ownership industry that has recently hit a record high in stock prices, in addition to the large proportion of clothing and pharmaceutical coverage, there are steel, chemical, paper and general machinery in the pro-cyclical industry, although the latter has been differentiated since the beginning of the year, but there is indeed a strong continuation of the strength of a stock, and the fund that has "got on the train" is expected to benefit from it.
Sinosteel International yesterday released the first quarter report of 2021, the data shows that the net profit achieved during the quarter was 124 million yuan, an increase of 1232.18% year-on-year, and in terms of stock price performance, yesterday's stock price once probed to 9.16 yuan / share, setting a new high since 2021. In terms of institutional holdings, China Overseas Premium Growth, a subsidiary of China Overseas Fund, held 7.768 million shares in the quarter, making it one of the top ten circulating shareholders, while in the fund's positions in the fourth quarter of last year, it rarely involved steel themes.
At the same time, GF CSI Infrastructure Project also added 79,000 shares to the stock in the first quarter of 2021 after reducing its holdings in China Steel International in the fourth quarter of last year. The venture capital fund has reduced its holdings in line with the trend, and Shenzhen Venture Capital has not seen a reduction for 1 year after the new holding of China Steel International at the end of 2019, but it has reduced its holdings by 12.5629 million shares in the first quarter of this year.
A similar situation is also seen in the high-energy environment, on April 9, the company announced the first quarter report of 2021, showing that the net profit achieved during the quarter was 135 million yuan, an increase of 102.63% year-on-year, and the stock price touched 19.90 yuan / share yesterday to set a new high for the year. Ruiyuan Growth Value Blend also increased its position in the quarter, and currently holds 22.8844 million shares, ranking fifth among the top ten outstanding stocks. The fund has been holding a high-energy environment since the second quarter of last year, when the stock price was still near 12 yuan / share, and the current price of about 19 yuan / share has risen by more than 58%.
Fund manager Fu Pengbo once pointed out in the latest fund report that the valuation of individual stocks and the medium- and long-term profits generally need to match. In the context of "carbon neutrality", the operating income of high-energy environment increased by 55.57% in the same period, the announcement said, mainly in the reporting period of new waste incineration and new material technology enterprises, factories officially put into operation, and then pull profit efficiency, Soochow Securities has said that the high-energy environment is expected to replicate the fine management capabilities of Oriental Yuhong, creating a leader in hazardous waste resources.
It can be seen that the investment opportunities in the segments with improved performance and upward prosperity are obvious, and from the current situation, since the fourth quarter of last year, the sectors that have accelerated the upward trend in profits have been concentrated in the resource products and midstream manufacturing sectors. Wu Wei, deputy investment director of the equity investment theme group of Boshi Fund, said that from the perspective of the whole year, it is still optimistic about the performance of the equity market, but the fluctuations between quarters will be relatively large. However, although market sentiment will be repeated in stages, he said that capital market reform and changes in residents' asset allocation are trending upwards in the medium and long term, which will support the overall stock market liquidity pivot upwards.
Cover image source: Photo.com
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